- Net income attributable to Prudential Financial, Inc. of $1.530
billion or $3.90 per Common share versus net income of $1.487
billion or $3.70 per share for the year-ago quarter.
- After-tax adjusted operating income of $1.487 billion or $3.78
per Common share versus $1.238 billion or $3.08 per share for the
year-ago quarter.
- Book value per Common share of $160.29 versus $165.75 per share
for the year-ago quarter; adjusted book value per Common share of
$106.85 versus $94.36 per share for the year-ago quarter.
- Parent company highly liquid assets(1) of $3.8 billion versus
$6.1 billion for the year-ago quarter.
- Assets under management of $1.727 trillion versus $1.648
trillion for the year-ago quarter.
- Capital returned to shareholders of $1.326 billion in the
quarter, including $875 million of share repurchases and $451
million of dividends, or $1.15 per Common share, representing a 4%
yield on adjusted book value, versus $441 million in the year-ago
quarter.
Charles Lowrey, Chairman and CEO, commented on results:
“Prudential delivered solid financial results for the third
quarter, reflecting our strong investment performance and high
demand for the products we have introduced to support our customers
as they solve their financial challenges in a changing world.
We also made significant progress executing against our
transformation strategy to become a higher growth, less market
sensitive and more nimble company by advancing our cost savings
program and reaching agreements to sell our Full Service business
and a portion of our traditional variable annuities business.
Supported by our rock solid balance sheet, we are maintaining a
balanced approach to capital deployment by investing in attractive
growth opportunities in our businesses and returning capital to
shareholders.
As we look ahead, we remain committed to driving long-term
sustainable growth and executing on our strategic priorities,
including our recently announced goal to achieve net zero emissions
across our primary global home office operations by 2050 and
ongoing efforts to improve racial equity on behalf of our
customers, employees, investors, and communities.”
Prudential Financial, Inc. (NYSE: PRU) today reported third
quarter results. Net income attributable to Prudential Financial,
Inc. was $1.530 billion ($3.90 per Common share) for the third
quarter of 2021, compared to net income of $1.487 billion ($3.70
per Common share) for the third quarter of 2020. After-tax adjusted
operating income was $1.487 billion ($3.78 per Common share) for
the third quarter of 2021, compared to $1.238 billion ($3.08 per
Common share) for the third quarter of 2020.
Consolidated adjusted operating income and adjusted book value
are non-GAAP measures. These measures are discussed later in this
press release under “Forward-Looking Statements and Non-GAAP
Measures” and reconciliations to the most comparable GAAP measures
are provided in the tables that accompany this release.
RESULTS OF ONGOING OPERATIONS
The Company’s ongoing operations include PGIM, U.S. Businesses,
International Businesses, and Corporate & Other. In the
following business-level discussion, adjusted operating income
refers to pre-tax results.
PGIM
PGIM, the Company’s global investment management
business, reported adjusted operating income of $327 million for
the third quarter of 2021, compared to $370 million in the year-ago
quarter. This reflects record high asset management fees, driven by
an increase in average account values, that were more than offset
by lower Other Related Revenues, driven by a decrease in seed and
co-investment income and incentive fees, as well as higher
expenses.
PGIM assets under management of $1.514 trillion, a record high,
were up 5% from the year-ago quarter, reflecting market
appreciation, positive third-party net flows, private originations,
and strong investment performance. Third-party net inflows of $0.3
billion in the current quarter reflect institutional inflows of
$0.7 billion, partially offset by $0.4 billion of retail
outflows.
U.S. Businesses
U.S. Businesses reported adjusted operating income of
$1.090 billion for the third quarter of 2021, compared to $848
million in the year-ago quarter. This increase primarily reflects
higher net investment spread results, driven by higher variable
investment income, and higher net fee income, driven primarily by
equity market appreciation, partially offset by less favorable
underwriting results.
Retirement:
- Reported adjusted operating income of $571 million in the
current quarter, compared to $347 million in the year-ago quarter.
This increase reflects higher net investment spread results, driven
by higher variable investment income.
- Account values of $246 billion were up 5% from the year-ago
quarter, driven by business growth and market appreciation. Net
inflows in the current quarter totaled $3.5 billion, including $5.2
billion of funded pension risk transfer and $1.6 billion of
international reinsurance transactions.
Group Insurance:
- Reported a loss, on an adjusted operating income basis, of $135
million in the current quarter, compared to adjusted operating
income of $22 million in the year-ago quarter. This decrease
primarily reflects less favorable underwriting results in group
life and disability driven by COVID-19, and higher expenses,
partially offset by higher net investment spread results, driven by
higher variable investment income.
- Reported earned premiums, policy charges, and fees of $1.4
billion were up 7% from the year-ago quarter.
Individual Annuities:
- Reported adjusted operating income of $499 million in the
current quarter, compared to $408 million in the year-ago quarter.
This increase reflects higher fee income, net of distribution
expenses and other associated costs, and higher net investment
spread results, driven by higher variable investment income.
- Account values of $179 billion were up 9% from the year-ago
quarter, reflecting market appreciation, partially offset by net
outflows. Gross sales of $1.5 billion in the current quarter
reflect the continued success of our FlexGuard Indexed Variable
Annuity.
Individual Life:
- Reported adjusted operating income of $210 million in the
current quarter, compared to $101 million in the year-ago quarter.
This increase reflects higher net investment spread results, driven
by higher variable investment income, and lower expenses.
- Sales of $189 million in the current quarter were up 10% from
the year-ago quarter, driven by higher Variable Life sales,
partially offset by lower Universal Life and Term Life sales,
reflecting our product repricing and pivot strategy.
Assurance IQ reported a loss, on an adjusted operating
income basis, of $55 million in the current quarter, compared to a
loss of $30 million in the year-ago quarter. This reflects a 47%
increase in revenues that were more than offset by increased
expenses to support business growth.
International Businesses
International Businesses, consisting of Life Planner and
Gibraltar Life & Other, reported adjusted operating income of
$887 million for the third quarter of 2021, compared to $775
million in the year-ago quarter. This increase reflects business
growth, higher net investment spread results, lower expenses, and
higher earnings from joint venture investments, partially offset by
less favorable underwriting results driven by COVID-19.
Life Planner:
- Reported adjusted operating income of $475 million in the
current quarter, compared to $414 million in the year-ago quarter.
This increase reflects business growth and higher net investment
spread results, partially offset by less favorable underwriting
results driven by COVID-19.
- Constant dollar basis sales of $248 million in the current
quarter decreased 37% from the year-ago quarter. This was primarily
driven by higher sales in Japan ahead of USD-denominated product
repricing in the year-ago quarter.
Gibraltar Life & Other:
- Reported adjusted operating income of $412 million in the
current quarter, compared to $361 million in the year-ago quarter.
This increase reflects higher earnings from joint venture
investments, lower expenses, and higher net investment spread
results, partially offset by less favorable underwriting results
driven by COVID-19.
- Constant dollar basis sales of $271 million in the current
quarter decreased 34% from the year-ago quarter. This was primarily
driven by higher sales in Japan ahead of USD-denominated product
repricing in the year-ago quarter.
Corporate & Other
Corporate & Other reported a loss, on an adjusted
operating income basis, of $460 million for the third quarter of
2021, compared to a loss of $493 million in the year-ago quarter.
This lower loss reflects higher income from pension and other
employee benefit plans, lower interest expense, and higher net
investment income, partially offset by higher expenses, primarily
driven by costs related to the early extinguishment of debt.
NET INCOME
Net income in the current quarter included $199 million
of pre-tax losses related to market experience updates, $98 million
of pre-tax net realized investment gains and related charges and
adjustments, including $17 million of impairment and credit-related
losses, and $75 million of pre-tax net gains from divested and
run-off businesses.
Net income for the year-ago quarter included $134 million of
pre-tax losses related to market experience updates, $75 million of
pre-tax net losses from divested and run-off businesses, and $167
million of pre-tax net realized investment gains and related
charges and adjustments, including $13 million of impairment and
credit-related losses.
FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES(2)
Certain of the statements included in this release, including
those regarding our transformation strategy, our cost savings
program, the planned sale of our Full Service business and a
portion of our traditional variable annuities business, our plans
relating to capital deployment, investing in growth and returning
cash to shareholders, and our plan to achieve net zero emissions
across our global home office operations by 2050, and other
business strategies constitute forward-looking statements within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements are made based on management’s
current expectations and beliefs concerning future developments and
their potential effects upon Prudential Financial, Inc. and its
subsidiaries. Prudential Financial, Inc.’s actual results may
differ, possibly materially, from expectations or estimates
reflected in such forward-looking statements. Certain important
factors that could cause actual results to differ, possibly
materially, from expectations or estimates reflected in such
forward-looking statements can be found in the “Risk Factors” and
“Forward-Looking Statements” sections included in Prudential
Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports
on Form 10-Q. Statements regarding our transformation strategy, our
cost savings program, the planned sale of a portion of our
traditional variable annuities business, our plans relating to
capital deployment, reducing leverage and investing in growth, and
our plan to become a more sustainable company, and other business
strategies are subject to the risk that we will be unable to
execute our strategy because of market or competitive conditions or
other factors, including the impact of the COVID-19 pandemic.
Prudential Financial, Inc. does not undertake to update any
particular forward-looking statement included in this document.
Consolidated adjusted operating income and adjusted book value
are non-GAAP measures. Reconciliations to the most directly
comparable GAAP measures are included in this release.
We believe that our use of these non-GAAP measures helps
investors understand and evaluate the Company’s performance and
financial position. The presentation of adjusted operating income
as we measure it for management purposes enhances the understanding
of the results of operations by highlighting the results from
ongoing operations and the underlying profitability of our
businesses. Trends in the underlying profitability of our
businesses can be more clearly identified without the fluctuating
effects of the items described below. Adjusted book value augments
the understanding of our financial position by providing a measure
of net worth that is primarily attributable to our business
operations separate from the portion that is affected by capital
and currency market conditions, and by isolating the accounting
impact associated with insurance liabilities that are generally not
marked to market and the supporting investments that are marked to
market through accumulated other comprehensive income under GAAP.
However, these non-GAAP measures are not substitutes for income and
equity determined in accordance with GAAP, and the adjustments made
to derive these measures are important to an understanding of our
overall results of operations and financial position. The schedules
accompanying this release provide reconciliations of non-GAAP
measures with the corresponding measures calculated using GAAP.
Additional historic information relating to our financial
performance is located on our website at
www.investor.prudential.com.
EARNINGS CONFERENCE CALL
Members of Prudential’s senior management will host a conference
call on Wednesday, November 3, 2021, at 11:00 a.m. ET to discuss
with the investment community the company’s third quarter results.
The conference call will be broadcast live over the Company’s
Investor Relations website at investor.prudential.com. Please log
on 15 minutes early in the event necessary software needs to be
downloaded. Institutional investors, analysts, and other members of
the professional financial community are invited to listen to the
call and participate in the Q&A by dialing one of the following
numbers: (877) 407-8293 (domestic) or (201) 689-8349
(international). All others may join the conference call in
listen-only mode by dialing one of the above numbers. A replay will
remain on the Investor Relations website through November 17. To
access a replay via phone starting at 3:00 p.m. ET on November 3
through November 17 dial (877) 660-6853 (domestic) or (201)
612-7415 (international) and use replay code 13722927.
(1) Highly Liquid Assets: Highly liquid assets predominantly
include cash, short-term investments, U.S. Treasury securities,
obligations of other U.S. government authorities and agencies,
and/or foreign government bonds.
(2) Description of Non-GAAP Measures: Adjusted operating income
is a non-GAAP measure used by the Company to evaluate segment
performance and to allocate resources. Adjusted operating income
excludes “Realized investment gains (losses), net,” as adjusted,
and related charges and adjustments. A significant element of
realized investment gains and losses are impairments and
credit-related and interest rate-related gains and losses.
Impairments and losses from sales of credit-impaired securities,
the timing of which depends largely on market credit cycles, can
vary considerably across periods. The timing of other sales that
would result in gains or losses, such as interest rate-related
gains or losses, is largely subject to our discretion and
influenced by market opportunities as well as our tax and capital
profile.
Realized investment gains (losses) within certain businesses for
which such gains (losses) are a principal source of earnings, and
those associated with terminating hedges of foreign currency
earnings and current period yield adjustments are included in
adjusted operating income. Adjusted operating income generally
excludes realized investment gains and losses from products that
contain embedded derivatives, and from associated derivative
portfolios that are part of an asset-liability management program
related to the risk of those products. Adjusted operating income
also excludes gains and losses from changes in value of certain
assets and liabilities relating to foreign currency exchange
movements that have been economically hedged or considered part of
our capital funding strategies for our international subsidiaries,
as well as gains and losses on certain investments that are
designated as trading. Adjusted operating income also excludes
investment gains and losses on assets supporting experience-rated
contractholder liabilities and changes in experience-rated
contractholder liabilities due to asset value changes, because
these recorded changes in asset and liability values are expected
to ultimately accrue to contractholders. Additionally, adjusted
operating income excludes the changes in fair value of equity
securities that are recorded in net income.
Adjusted operating income excludes market experience updates,
reflecting the immediate impacts in current period results from
changes in current market conditions on estimates of profitability,
which we believe enhances the understanding of underlying
performance trends. Adjusted operating income also excludes the
results of Divested and Run-off Businesses, which are not relevant
to our ongoing operations and discontinued operations and earnings
attributable to noncontrolling interests, each of which is
presented as a separate component of net income under GAAP.
Additionally, adjusted operating income excludes other items, such
as certain components of the consideration for acquisitions, which
are recognized as compensation expense over the requisite service
periods, as well as changes in the fair value of contingent
consideration. Earnings attributable to noncontrolling interests is
presented as a separate component of net income under GAAP and
excluded from adjusted operating income. The tax effect associated
with pre-tax adjusted operating income is based on applicable IRS
and foreign tax regulations inclusive of pertinent adjustments.
Adjusted operating income does not equate to “Net income” as
determined in accordance with U.S. GAAP. Adjusted operating income
is not a substitute for income determined in accordance with U.S.
GAAP, and our definition of adjusted operating income may differ
from that used by other companies. The items above are important to
an understanding of our overall results of operations. However, we
believe that the presentation of adjusted operating income as we
measure it for management purposes enhances the understanding of
our results of operations by highlighting the results from ongoing
operations and the underlying profitability of our businesses.
Trends in the underlying profitability of our businesses can be
more clearly identified without the fluctuating effects of the
items described above.
Adjusted book value is calculated as total equity (GAAP book
value) excluding accumulated other comprehensive income (loss) and
the cumulative effect of foreign currency exchange rate
remeasurements and currency translation adjustments corresponding
to realized investment gains and losses. These items are excluded
in order to highlight the book value attributable to our core
business operations separate from the portion attributable to
external and potentially volatile capital and currency market
conditions.
Prudential Financial, Inc. (NYSE: PRU), a global financial
services leader and premier active global investment manager with
more than $1.5 trillion in assets under management as of September
30, 2021, has operations in the United States, Asia, Europe, and
Latin America. Prudential’s diverse and talented employees help to
make lives better by creating financial opportunity for more
people. Prudential’s iconic Rock symbol has stood for strength,
stability, expertise and innovation for more than a century. For
more information, please visit news.prudential.com.
Financial Highlights
(in millions, unaudited)
Three Months Ended
Nine Months Ended
September 30
September 30
2021
2020
2021
2020
Adjusted operating income (loss) before
income taxes (1):
PGIM
$
327
$
370
$
1,293
$
858
U.S. Businesses
1,090
848
2,980
1,909
International Businesses
887
775
2,561
2,162
Corporate and Other
(460
)
(493
)
(1,118
)
(1,446
)
Total adjusted operating income before
income taxes
$
1,844
$
1,500
$
5,716
$
3,483
Reconciling Items:
Realized investment gains (losses), net,
and related charges and adjustments
$
98
$
167
$
1,511
$
(3,111
)
Market experience updates
(199
)
(134
)
330
(1,016
)
Divested and Run-off Businesses:
Closed Block division
27
8
92
(15
)
Other Divested and Run-off Businesses
48
(83
)
432
(567
)
Equity in earnings of operating joint
ventures and earnings attributable to noncontrolling interests
(3
)
1
(53
)
(62
)
Other adjustments (2)
(9
)
(12
)
(35
)
65
Total reconciling items, before income
taxes
(38
)
(53
)
2,277
(4,706
)
Income (loss) before income taxes and
equity in earnings of operating joint ventures
$
1,806
$
1,447
$
7,993
$
(1,223
)
Income Statement Data:
Net income (loss) attributable to
Prudential Financial, Inc.
$
1,530
$
1,487
$
6,516
$
(1,193
)
Income attributable to noncontrolling
interests
35
20
36
25
Net income (loss)
1,565
1,507
6,552
(1,168
)
Less: Earnings attributable to
noncontrolling interests
35
20
36
25
Income (loss) attributable to
Prudential Financial, Inc.
1,530
1,487
6,516
(1,193
)
Less: Equity in earnings of operating
joint ventures, net of taxes and earnings attributable to
noncontrolling interests
(17
)
(10
)
27
37
Income (loss) (after-tax) before equity
in earnings of operating joint ventures
1,547
1,497
6,489
(1,230
)
Less: Total reconciling items, before
income taxes
(38
)
(53
)
2,277
(4,706
)
Less: Income taxes, not applicable to
adjusted operating income
(98
)
(312
)
333
(693
)
Total reconciling items, after income
taxes
60
259
1,944
(4,013
)
After-tax adjusted operating income
(1)
1,487
1,238
4,545
2,783
Income taxes, applicable to adjusted
operating income
357
262
1,171
700
Adjusted operating income before income
taxes (1)
$
1,844
$
1,500
$
5,716
$
3,483
See footnotes on last page.
Financial Highlights
(in millions, except per share data,
unaudited)
Three Months Ended
Nine Months Ended
September 30
September 30
2021
2020
2021
2020
Earnings per share of Common Stock
(diluted):
Net income (loss) attributable to
Prudential Financial, Inc.
$
3.90
$
3.70
$
16.32
$
(3.06
)
Less: Reconciling Items:
Realized investment gains (losses), net,
and related charges and adjustments
0.25
0.42
3.84
(7.82
)
Market experience updates
(0.51
)
(0.34
)
0.84
(2.56
)
Divested and Run-off Businesses:
Closed Block division
0.07
0.02
0.23
(0.04
)
Other Divested and Run-off Businesses
0.12
(0.21
)
1.10
(1.43
)
Difference in earnings allocated to
participating unvested share-based payment awards
—
(0.01
)
(0.07
)
0.05
Other adjustments (2)
(0.02
)
(0.03
)
(0.09
)
0.16
Total reconciling items, before income
taxes
(0.09
)
(0.15
)
5.85
(11.64
)
Less: Income taxes, not applicable to
adjusted operating income
(0.21
)
(0.77
)
0.91
(1.67
)
Total reconciling items, after income
taxes
0.12
0.62
4.94
(9.97
)
After-tax adjusted operating
income
$
3.78
$
3.08
$
11.38
$
6.91
Weighted average number of outstanding
common shares (basic)
383.8
395.3
390.4
395.6
Weighted average number of outstanding
common shares (diluted)
386.8
397.1
393.2
397.6
For earnings per share of Common Stock
calculation:
Net income (loss) attributable to
Prudential Financial, Inc.
$
1,530
$
1,487
$
6,516
$
(1,193
)
Less: Earnings allocated to participating
unvested share-based payment awards
23
18
98
16
Net income (loss) attributable to
Prudential Financial, Inc. for earnings per share of Common Stock
calculation
$
1,507
$
1,469
$
6,418
$
(1,209
)
After-tax adjusted operating income
(1)
$
1,487
$
1,238
$
4,545
$
2,783
Less: Earnings allocated to participating
unvested share-based payment awards
23
15
69
34
After-tax adjusted operating income for
earnings per share of Common Stock calculation (1)
$
1,464
$
1,223
$
4,476
$
2,749
Prudential Financial, Inc. Equity (as
of end of period):
GAAP book value (total PFI equity) at end
of period
$
61,887
$
66,217
Less: Accumulated other comprehensive
income (AOCI)
21,836
30,001
GAAP book value excluding AOCI
40,051
36,216
Less: Cumulative effect of foreign
exchange rate remeasurement and currency
translation adjustments corresponding to
realized gains/losses
(1,205
)
(1,482
)
Adjusted book value
41,256
37,698
End of period number of common shares
(diluted)
386.1
399.5
GAAP book value per common share -
diluted
160.29
165.75
GAAP book value excluding AOCI per share -
diluted
103.73
90.65
Adjusted book value per common share -
diluted
106.85
94.36
See footnotes on last page.
Financial Highlights
(in millions, or as otherwise noted,
unaudited)
Three Months Ended
Nine Months Ended
September 30
September 30
2021
2020
2021
2020
PGIM:
PGIM:
Assets Managed by PGIM (in billions, as of
end of period):
Institutional customers
$
625.3
$
591.0
Retail customers
395.4
343.0
General account
493.2
509.1
Total PGIM
$
1,513.9
$
1,443.1
Institutional Customers - Assets Under
Management (in billions):
Gross additions, other than money
market
$
14.0
$
15.9
$
58.2
$
51.5
Net additions, other than money market
$
0.7
$
2.0
$
7.4
$
0.5
Retail Customers - Assets Under Management
(in billions):
Gross additions, other than money
market
$
16.9
$
22.2
$
65.8
$
70.4
Net additions (withdrawals), other than
money market
$
(0.4
)
$
5.3
$
3.7
$
13.4
U.S. Businesses:
Retirement:
Institutional Investment Products:
Gross additions
$
8,045
$
2,780
$
18,466
$
14,218
Net additions (withdrawals)
$
3,499
$
(1,409
)
$
2,534
$
992
Total account value at end of period
$
246,068
$
234,696
Group Insurance:
Group Insurance Annualized New Business
Premiums (3):
Group life
$
51
$
46
$
242
$
227
Group disability
17
17
172
143
Total
$
68
$
63
$
414
$
370
Individual Annuities:
Fixed and Variable Annuity Sales and
Account Values:
Gross sales
$
1,500
$
1,562
$
5,048
$
4,835
Sales, net of full surrenders and death
benefits
$
(1,073
)
$
(249
)
$
(2,700
)
$
(905
)
Total account value at end of period
$
178,678
$
164,198
Individual Life:
Individual Life Insurance Annualized New
Business Premiums (3):
Term life
$
26
$
34
$
91
$
114
Guaranteed universal life
5
20
35
83
Other universal life
14
20
45
73
Variable life
144
98
402
273
Total
$
189
$
172
$
573
$
543
International Businesses:
International Businesses:
International Businesses Annualized New
Business Premiums (3)(4):
Actual exchange rate basis
$
504
$
788
$
1,502
$
1,750
Constant exchange rate basis
$
519
$
801
$
1,544
$
1,778
See footnotes on last page.
Financial Highlights
(in billions, as of end of period,
unaudited)
September 30
2021
2020
Assets and Assets Under Management and
Administration:
Total assets
$
932.6
$
911.6
Assets under management (at fair market
value):
PGIM
$
1,513.9
$
1,443.1
U.S. Businesses (5)
160.0
159.8
International Businesses
12.1
12.7
Corporate and Other (5)
40.6
32.5
Total assets under management
1,726.6
1,648.1
Assets under administration
372.4
306.1
Total assets under management and
administration
$
2,099.0
$
1,954.2
See footnotes on last page.
(1)
Adjusted operating income is a non-GAAP
measure of performance. See FORWARD-LOOKING STATEMENTS AND NON-GAAP
MEASURES within the earnings release for additional information.
Adjusted operating income, when presented at the segment level, is
also a segment performance measure. This segment performance
measure, while not a traditional U.S. GAAP measure, is required to
be disclosed by U.S. GAAP in accordance with FASB Accounting
Standard Codification (ASC) 280 – Segment Reporting. When presented
by segment, we have prepared the reconciliation of adjusted
operating income to the corresponding consolidated U.S. GAAP total
in accordance with the disclosure requirements as articulated in
ASC 280.
(2)
Represents adjustments not included in the
above reconciling items. Also includes certain components of
consideration for business acquisitions, which are recognized as
compensation expense over the requisite service periods, as well as
changes in the fair value of the associated contingent
consideration.
(3)
Premiums from new sales are expected to be
collected over a one-year period. Group insurance annualized new
business premiums exclude new premiums resulting from rate changes
on existing policies, from additional coverage issued under our
Servicemembers' Group Life Insurance contract, and from excess
premiums on group universal life insurance that build cash value
but do not purchase face amounts. Group insurance annualized new
business premiums include premiums from the takeover of claim
liabilities. Excess (unscheduled) and single premium business for
the Company's domestic individual life and international operations
are included in annualized new business premiums based on a 10%
credit.
(4)
Actual amounts reflect the impact of
currency fluctuations. Constant amounts reflect foreign denominated
activity translated to U.S. dollars at uniform exchange rates for
all periods presented, including Japanese yen 103 per U.S. dollar.
U.S. dollar-denominated activity is included based on the amounts
as transacted in U.S. dollars.
(5)
Prior period amounts have been
reclassified to conform to current period presentation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211102006180/en/
MEDIA CONTACT: Bill Launder, (973) 802-8760,
bill.launder@prudential.com
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